What is the 13F Pro Quality Score for REFR?

13F Pro ranks RESEARCH FRONTIERS INC (REFR) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View REFR's current score at https://13fpro.ai/research/REFR (free sign-up required for the full ranking).

Which hedge funds own the most REFR stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of REFR include MGO ONE SEVEN, BlackRock,, VANGUARD CAPITAL MANAGEMENT. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/research/REFR as soon as new 13F filings post.

Where does 13F Pro source REFR data?

All RESEARCH FRONTIERS INC fundamentals and ownership data come directly from SEC EDGAR. RESEARCH FRONTIERS INC files with the SEC under CIK 793524. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is REFR in?

RESEARCH FRONTIERS INC (REFR) is classified in the Financials sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/financials.

How often is REFR research updated on 13F Pro?

REFR's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

RESEARCH FRONTIERS INC(REFR)Stock Analysis

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13F Pro Quality Score

Not in ranked universe

Below size threshold

Quality rankings require at least $50M annual revenue or $250M total assets to filter out micro-caps and shell companies. This company reported $2.0M in revenue.

Financial data, filings, and institutional holdings below are still tracked in full — only the proprietary quality composite is unavailable for this name.

REFR Stock Analysis & AI Quality Score

AI stock analysis and institutional research for RESEARCH FRONTIERS INC (REFR), a Financials sector company. REFR is not currently included in 13F Pro's AI-ranked quality universe — quality rankings require at least $50m annual revenue or $250m total assets to filter out micro-caps and shell companies. this company reported $2.0m in revenue. Based on the latest XBRL financial filings (Q1 2026), RESEARCH FRONTIERS INC reports quarterly revenue of $136.3K, net income of $-525.4K, free cash flow of $-760.0K. Top institutional holders of REFR by reported 13-F value include MGO ONE SEVEN, BlackRock,, VANGUARD CAPITAL MANAGEMENT, based on the most recent SEC filings. REFR trades on the Nasdaq exchange and files with the SEC under CIK 793524. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate REFR daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for RESEARCH FRONTIERS INC directly from SEC EDGAR.

Revenue

Q1 2026

$136.3K

Net Income

Q1 2026

$-525.4K

Free Cash Flow

Q1 2026

$-760.0K

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

-16.0% YoY

$1.1MFY 2025

FY22 $539.7KFY23 $909.6KFY24 $1.3MFY25 $1.1M

Net Income

-56.0% YoY

$-2.0MFY 2025

FY22 $-2.7MFY23 $-1.9MFY24 $-1.3MFY25 $-2.0M

Operating Income

-47.9% YoY

$-2.1MFY 2025

FY22 $-2.6MFY23 $-2.0MFY24 $-1.4MFY25 $-2.1M

EPS (Diluted)

-50.0% YoY

$-0.06FY 2025

FY22 $-0.08FY23 $-0.06FY24 $-0.04FY25 $-0.06

Total Assets

-44.3% YoY

$2.3MFY 2025

FY22 $5.4MFY23 $3.9MFY24 $4.0MFY25 $2.3M

Op. Cash Flow

-68.5% YoY

$-1.3MFY 2025

FY22 $-2.2MFY23 $-2.3MFY24 $-788.8KFY25 $-1.3M

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$1.1M -16.0%	$1.3M +46.8%	$909.6K +68.5%	$539.7K -57.3%	$1.3M +52.5%	$828.5K
Net Income	$-2.0M -56.0%	$-1.3M +31.3%	$-1.9M +28.5%	$-2.7M -44.6%	$-1.8M +21.1%	$-2.3M
Operating Income	$-2.1M -47.9%	$-1.4M +29.1%	$-2.0M +22.5%	$-2.6M -42.8%	$-1.8M +28.7%	$-2.6M
EPS (Diluted)	$-0.06 -50.0%	$-0.04 +33.3%	$-0.06 +25.0%	$-0.08	—	—
Total Assets	$2.3M -44.3%	$4.0M +4.9%	$3.9M -28.2%	$5.4M +18.0%	$4.5M -26.7%	$6.2M
Operating Cash Flow	$-1.3M -68.5%	$-788.8K +65.6%	$-2.3M -5.1%	$-2.2M -21.0%	$-1.8M +19.9%	$-2.3M

AI Insight: REFR Financial Trends

REFR remains a near-zero-revenue royalty shell burning through equity, which has halved from $3M to $1–2M over eight quarters.

• Revenue has been effectively $0M in seven of eight quarters; the lone exception was Q1 2025 at $1M.

• Equity has declined from $3M in Q2 2024 to $2M in Q1 2026, reflecting persistent net losses each quarter.

• Operating cash flow has been negative or near-zero every quarter, with no sign of self-funding operations.

⚠ Equity fell to a low of $1M in Q3–Q4 2025; a slight recovery to $2M in Q1 2026 warrants monitoring for sustainability.

⚠ No debt reported across all periods, but equity erosion continues — solvency runway is the key risk to track.

AI Insight: REFR Ratio Trends

REFR's returns have deteriorated sharply, with ROE plunging to -178.8% in Q2 2025 and remaining deeply negative through Q1 2026 at -117.8%.

• ROE swung from -12.6% in Q2 2024 to -178.8% in Q2 2025, signaling severe and accelerating equity destruction.

• Operating margin worsened from -23.7% in Q2 2024 to -84.6% in Q3 2025, the most recent quarter with available data.

• ROIC collapsed from -15.5% in Q2 2024 to -95.9% in Q4 2024 and -81.1% in Q3 2025, with no recovery visible.

⚠ D/E is absent across all periods — debt structure is opaque and warrants scrutiny given mounting operating losses.

⚠ Widespread data gaps in Q4 2025 and Q1 2026 obscure whether the Q3 2025 margin deterioration has continued or stabilized.

⚠ TTM ROA of -77.7% through Q1 2026 suggests asset base generates deeply negative returns with no near-term inflection visible.

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Available Research

13F Pro tracks comprehensive data for RESEARCH FRONTIERS INC including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of REFR

MGO ONE SEVEN LLC
$828.2K918,182 sh
BlackRock, Inc.
$559.7K608,398 sh
VANGUARD CAPITAL MANAGEMENT LLC
$512.5K568,154 sh
Focus Partners Wealth
$456.7K496,422 sh
GEODE CAPITAL MANAGEMENT, LLC
$273.2K302,761 sh
VANGUARD FIDUCIARY TRUST CO
$159.7K177,030 sh
SUSQUEHANNA INTERNATIONAL GROUP, LLP
$141.4K156,786 sh
STATE STREET CORP
$95.3K105,623 sh
SHUFRO ROSE & CO LLC
$89.7K97,500 sh
RENAISSANCE TECHNOLOGIES LLC
$62.8K68,300 sh

Fund	Value	Shares
MGO ONE SEVEN LLC	$828.2K	918,182
BlackRock, Inc.	$559.7K	608,398
VANGUARD CAPITAL MANAGEMENT LLC	$512.5K	568,154
Focus Partners Wealth	$456.7K	496,422
GEODE CAPITAL MANAGEMENT, LLC	$273.2K	302,761
VANGUARD FIDUCIARY TRUST CO	$159.7K	177,030
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$141.4K	156,786
STATE STREET CORP	$95.3K	105,623
SHUFRO ROSE & CO LLC	$89.7K	97,500
RENAISSANCE TECHNOLOGIES LLC	$62.8K	68,300

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Is REFR a good stock to buy?

13F Pro's AI-powered analysis of RESEARCH FRONTIERS INC (REFR) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Financials sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for REFR are available on the REFR stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own REFR?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling REFR. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of RESEARCH FRONTIERS INC's investment landscape.